This just in: E&Ps testing the Barnett Formation in the Permian’s Midland are reporting higher oil recoveries and lower break evens than other Tier 2 zones. The latest report from Enverus Intelligence Research characterizes recent well results in the Barnett—1,000’ deeper than the Wolfcamp D—as the herald of a coming “bonanza” in terms of production, economics, and drilling inventory. But not all bonanzas are limited to the Permian, and geology has a way of secreting her treasures.

Reese Energy Consulting today is following the latest news from Okla. City-based Mach Natural Resources CEO Tom Ward, who’s made finding wealth in under-performing plays his signature quest. MNR operates 936,000 acres, 4,500 wells producing 65 MBOED, and 2,000 undeveloped drilling locations in Western Okla., Southern Kans., and the Texas Panhandle. The company last month launched an IPO, raising $190 million on its first trading day on the NYSE. Not one to let grass grow under his feet, Ward set out to score a bonanza of his own—and he found it in the Anadarko.

In an all-cash $815 million deal with Houston-based Paloma Partners, MNR will now add 62,000 net acres, 32 MBOED in production, and 31.5 MMBOE in reserves to its position in the Stack and Merge. To quantify remaining drilling inventory across key North American shale plays, Envrus covered the Delaware, Midland, Eagle Ford, DJ, Scoop/Stack, Bakken, Marcellus, Powder River, Utica, Haynesville, and Montney. The report estimates six years of Tier 1 at today’s activity levels but added “Ample Tier 2-4 inventory should alleviate fears of a structural decline in U.S. production or activity levels over the next 15 years.”